Liberalism: Do You Agree We've Had Enough of It? Message Board

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Politics : Liberalism: Do You Agree We've Had Enough of It?

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To: Kenneth E. Phillipps who wrote (42155)	8/27/2008 3:11:58 PM
From: lorne	of 224750

The Legacy of the Clinton Bubble By Timothy A. Canova dissentmagazine.org ..."On each of these crucial issues, the most significant differences between Clinton and Bush were differences in timing and degree, not in direction. Both administrations were willfully asleep at the wheel. Clinton was fortunate to preside over the early stages of a bubble economy. Bush has had the misfortune of presiding as a lame duck through the final stages of the same bubble and, thanks to the deregulation of the Clinton years, without a regulatory structure capable of containing today’s speculative fevers. In 1992, Bill Clinton campaigned on the promise of a short-term stimulus package. But soon after being elected, he met privately with Alan Greenspan, chair of the Federal Reserve Board, and soon accepted what became known as “the financial markets strategy.” It was a strategy of placating financial markets. The stimulus package was sacrificed, taxes were raised, spending was cut—all in a futile effort to keep long-term interest rates from rising, and all of which helped the Democrats lose their majority in the House. In fact, the defeat of the stimulus package set off a sharp decline in Clinton’s public approval ratings from which his presidency would never recover."... Full article...http://www.dissentmagazine.org/article/?article=1229

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